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How To Use Bitcoin – The Most Important Creation In The History Of Man

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kevsta said:
how many have gained significant value in the last 100 years?
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This has nothing to do with the inherent quality of currency. It is the amount of currency in circulation that determines the value or I should say purchasing power.
 
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kevsta said:
FTFY (bold)



indeed. theory is very different from the real world facts huh.
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What is your point? Are you saying the silver currency that was used in the US lost it's value? How about the gold coins that were taken out of circulation before the silver was, they lost value?
 
wrs said:
What is your point? Are you saying the silver currency that was used in the US lost it's value? How about the gold coins that were taken out of circulation before the silver was, they lost value?
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hmm. interesting that your only examples are of ex "hard money" currencies.

my point is that there aren't any of these (officially at least) any more for the last 40 years, and hence, yes all official currencies are now inherently inflationary in practice.

So in this regard Bitcoin and its ilk are obviously not behaving very much like "real" currencies at all because they all devalue over time.
 
kevsta said:
hmm. interesting that your only examples are of ex "hard money" currencies.

my point is that there aren't any of these (officially at least) any more for the last 40 years, and hence, yes all official currencies are now inherently inflationary in practice.
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You asked for currencies in the last 100 years, those qualify. Now I am afraid I am going to have to dispute your most recent claim with the example of the penny which costs two cents to make even with it being 95% zinc. Pre 1983 pennies are worth about two cents at the current price of copper.

kevsta said:
So in this regard Bitcoin and its ilk are obviously not behaving very much like "real" currencies at all because they all devalue over time.
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Bitcoin isn't a currency, it's a speculation. If it were a currency, it would have an accepted face value. It doesn't. I don't find prices in BC on the internet for items such as a Aston-Martin DB9. That price is in $ and it has been the same for as long as the ad has been placed. Unfortunately, it would have to vary by the second if it were priced in BC. Ergo, BC is a speculation and not a currency.
 
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wrs said:
You asked for currencies in the last 100 years, those qualify.
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er, no, only that's one currency and you picking a point when it was still anchored to the monetary metals proves my point.

wrs said:
Now I am afraid I am going to have to dispute your most recent claim with the example of the penny which costs two cents to make even with it being 95% zinc. Pre 1983 pennies are worth about two cents at the current price of copper.
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Im not talking about individual coin costs, I'm talking about the currency. or are you trying to tell me that the USD has lost no purchasing power since 1983?

Bitcoin isn't a currency, it's a speculation. If it were a currency, it would have an accepted face value. It doesn't. I don't find prices in BC on the internet for items such as a Aston-Martin DB9. That price is in $ and it has been the same for as long as the ad has been placed. Unfortunately, it would have to vary by the second if it were priced in BC. Ergo, BC is a speculation and not a currency.
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no? how about if there were another national currency that did keep going up consistently, inversely to the rest. just because you cant take it and spend it on Doughnuts in Walmart doesn't mean its not a currency somewhere.

what would stop you storing your money in the superior currency and exchanging it for the inferior stuff as required?
 
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jhunter1163 said:
Nice. Tell me again why I should invest in this?
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The first thing you should do is to moderate off topic posts right off this thread. This thread is entitled "How to use bitcoin".

Then, possibly, you might be able to actually learn a few things and at that point, you could answer your own question.

Just saying.
 
mhaze said:
The first thing you should do is to moderate off topic posts right off this thread. This thread is entitled "How to use bitcoin".

Then, possibly, you might be able to actually learn a few things and at that point, you could answer your own question.

Just saying.
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Well, earlier in the thread I seem to recall Bitcoin's security and anonymity being trumpeted as points in its favor; this event would seem to indicate that Bitcoin's vaunted security isn't as secure as its proponents would have one believe. And since we merged the other Bitcoin thread into this one, it would seem that this thread has been deemed as the repository for all things Bitcoin, not just its use.
 
kevsta said:
er, no, only that's one currency and you picking a point when it was still anchored to the monetary metals proves my point.
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Actually you never made a point. You just responded to a post I made in a way that had nothing to do with the post that I made.

kevsta said:
Im not talking about individual coin costs, I'm talking about the currency.
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Do you know what seigniorage is?

kevsta said:
or are you trying to tell me that the USD has lost no purchasing power since 1983?
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I never said that. Go read my original post to which you responded. Keep in mind, when I made that post I didn't specify a currency.


kevsta said:
no? how about if there were another national currency that did keep going up consistently, inversely to the rest. just because you cant take it and spend it on Doughnuts in Walmart doesn't mean its not a currency somewhere.

what would stop you storing your money in the superior currency and exchanging it for the inferior stuff as required?
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That is why they took silver and gold out of circulation and thus, they are no longer currency. Would you spend a silver quarter at Walmart? This is why the current rise in the value of BC assures that it won't get spent and the volatility is also hurting any merchant who attempts to price his goods in BC. A currency must be in general use and one that is taken out of circulation isn't in general use and thus is no longer a currency. Bitcoin isn't in general use and never was, thus it never has been a currency and it's a long way to becoming one.
 
mhaze said:
The first thing you should do is to moderate off topic posts right off this thread. This thread is entitled "How to use bitcoin".

Then, possibly, you might be able to actually learn a few things and at that point, you could answer your own question.

Just saying.
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OK then. Given that the recently set up and now shut down SheepMarrketplace was obviously insecure, (or possibly set up as a scam), which marketplaces are actually secure and why?
 
wrs said:
Please see the whole original post.

For some reason kvesta decided to shorten my statement.
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It had a full stop. therefore it should stand on its own if required to.

and if we move from the theoretical realm to practical implementation, it doesn't.

wrs said:
Actually you never made a point. You just responded to a post I made in a way that had nothing to do with the post that I made.
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as above.
 
Belz... said:
Do you acknowledge my point or not ?
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Yes and some currencies do have a tendency to inflate more than others. By that I mean be produced in excess of the amount of goods and services in the economy. But as long as currency can be created at will or cross borders, then it's likely always going to be the case that at some point, the supply of said currency gets ahead of goods and services in the economy leading to a drop in purchasing power.

Even gold and silver currencies can inflate due to influx of gold and silver into a local economy. In the second half of the 19th century this happened in the US due to the discovery of gold and silver in the west. During the early 20th century it happened because gold and silver were transferred into the country by foreign interests buying more US goods than we were importing from abroad. This is a balance of trade surplus which tends to create inflation in the country with the surplus.

It's not just because of printing that a currency can tend to inflate, there are a number of factors that are involved. This was the basis of my statement. The tendency of currencies is to chase the least cost product and drive it up in price. That in itself tends to make it seem as though the value of the money is dropping even though the price of the item is maybe just reaching an equilibrium of supply and demand.
 
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